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Mega Hundreds of thousands jackpot is $468 million. Keep away from these blunders in the event you win

Mega Millions jackpot is $468 million. Avoid these blunders if you win

Scott Olson | Getty Images

No, you did not win the Mega Millions jackpot. On the other hand, no one else did either.

The grand prize rose to $ 468 million for Tuesday night’s drawing after no ticket matched all six numbers drawn on Friday night. The amount marks the ninth largest prize in the history of the game.

“That amount is absolutely life changing,” said Walt Blenner, attorney and founder of the Blenner Law Group in Palm Harbor, Florida. “Everything in your life will change and there is no going back.”

Two Mega Millions jackpots were won earlier this year: a $ 1.05 billion win on January 22nd that went to a group of players in Michigan and a $ 96 million prize that went to a New York couple won on February 16.

If you are the next jackpot winner, there are a few mistakes you should avoid to make a smooth transition to extreme wealth.

Oversharing

Blenner recommends sharing the news only with your core family.

“Tell as few people as possible,” he said. “If it gets known, it spreads quickly.”

The ultimate goal should be to protect your identity as much as possible. Some states allow you to claim your award anonymously, while others may allow you to set up a trust or body to claim the money, which will keep your name out of the public eye.

Failure to do so could result in a hurricane of public attention that is not guaranteed to all pass or be innocent.

When representing the winner of a $ 451 million Mega Millions jackpot in 2018, Blenner had to emphasize the importance of disappearing before the public found out who won (in Florida, lottery winners cannot remain anonymous).

They hesitated, so he informed them that ransom and kidnapping insurance was available. That got through to them and they rented a house 20 miles away under a pseudonym.

Hurry to win the prize

I try to do it alone

Before making a claim, you’ll want to assemble a team of seasoned professionals, including a lawyer, accountant, and financial advisor, Blenner said.

“You absolutely need a team around you,” he said.

For example, there may be ways to minimize your tax burden. While 24% of large lottery winnings are withheld for federal taxes, the highest marginal rate of 37% means you would owe a lot more.

For that $ 468 million Mega Millions jackpot, withholding the $ 316.2 million flat option would result in nearly $ 75.9 million being shaved off the top. There are also typically state taxes that may be withheld or due at tax time.

Someone on the team should also serve as the gatekeeper. That means they can answer queries from moochers or scammers, or from anyone else fishing for a piece of your luck.

It’s worth noting that most people never have to worry about these things. The chance that a single ticket will hit all six numbers drawn in Mega Millions is 1 in 302 million. For Powerball – whose jackpot for the Saturday night draw is $ 183 million – your chance of winning the grand prize is a little better: 1 in 292 million.

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Mega Tens of millions jackpot is $1 billion. What to know earlier than shopping for in

Mega Millions jackpot is $1 billion. What to know before buying in

MARK RALSTON | AFP | Getty Images

At some point, Friday night or later, someone will win the Mega Millions jackpot.

You probably won’t be.

With the odds against players matching all six numbers required to reach the mother lode, the lottery game grand prize for the Friday night drawing has reached an estimated value of $ 1 billion. The cash option – which most winners prefer to annuity – is $ 739.6 million (pre-tax). The jackpot is also the third largest in US lottery history.

The Friday night draw comes just days after another huge amount of money was won on another lottery game: a ticket purchased in Maryland hit the Powerball jackpot of $ 731.1 million ($ 546.8 million in bar), making it the sixth largest prize of all time.

“We know that players love big jackpots and when the numbers are that big it becomes a national phenomenon,” said Gordon Medenica, Maryland lottery director and chief executive officer of Mega Millions.

“Everyone wants to dream about what they would do if they won.”

The Mega Millions jackpot has been rising since mid-September when someone hit $ 120 million ($ 95.4 million in cash) and the grand prize was reset to $ 20 million. That’s 37 weeks with no one matching all six numbers in twice weekly drawings. This is the longest run ever without a winner, according to lottery officials.

Each Mega Millions ticket has a 1 in 302 million chance of winning the jackpot. It’s a little better for Powerball: 1 in 292 million.

Even if you bought multiple tickets, you wouldn’t move the needle much. To give yourself a 50:50 chance of winning the Mega Millions jackpot – that is, the same odds if you toss a coin once – you would have to buy over 151 million different combinations of numbers. Even then, you couldn’t guarantee that you would be the only winner.

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The biggest jackpot in US history – a Powerball prize of $ 1.59 billion in 2016 – was split into three types.

For the drawing on Friday evening, the lottery officials estimate that 40% of all possible number combinations will be played.

Of course you can win the game without hitting the jackpot. The last Mega Millions raffle, held on Tuesday evening, produced nearly 5.2 million winning tickets, according to lottery data. These included two winners of $ 2 million each, eleven winners of $ 1 million each, and 139 winners who won at least $ 10,000.

Once the Mega Millions jackpot is won, it will reset to $ 20 million.

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The $1 billion Mega Hundreds of thousands jackpot has a winner

How to protect your privacy if you win Mega Millions or Powerball

MARK RALSTON | AFP | Getty Images

Someone in Michigan starts their weekend a lot richer.

A single ticket sold in Wolverine State hit all six numbers drawn on Friday night to win the $ 1 billion Mega Millions jackpot. The prize had risen through twice weekly drawings for 37 weeks with no winners. It has now been reset to $ 20 million.

When you have this precious piece of paper in hand, you should be aware that your life is about to change dramatically, experts say. And while you may be eager to claim your winnings, there is no need to rush to headquarters right away.

In other words, take a deep breath.

Protect your ticket and yourself

Put together a team of professionals

Before you go to the lottery headquarters, you should assemble a team of seasoned professionals: a lawyer, an accountant, and a financial advisor.

“You want to be thoughtful [experts] Walk you through the emotional side of winning, but also the commitment that comes with that kind of wealth, “said CPA Mark Alaimo, a member of the American Institute of CPAs’ Personal Financial Specialist Committee.

Someone on the team should also serve as the gatekeeper. That said, they can answer queries from moochers or scammers, or even friends and family members who want a piece of your godsend in the end.

The tax bill

You can choose to take your winnings either as a lump sum or as a 30 year pension. For the $ 1 billion Mega Millions jackpot, the cash option – which most winners choose – is $ 739.6 million.

However, before it reaches you, 24% – $ 177.5 million – is withheld for federal taxes. With the highest marginal tax rate of 37%, you can expect more to be due at tax time. Michigan state taxes of 4.5% would also be due or withheld.

Think philanthropically

One way to lower your tax burden is to think in a nonprofit way.

You can donate up to 60% of your Adjusted Gross Income in cash to a nonprofit or a donor-recommended fund and receive a tax deduction for the amount in the year you donate.

They can also set up a private foundation, donate their income, and then choose how to use it over time.

“A private foundation can run programs,” said Alaimo. “You could open and run a soup kitchen owned by the foundation.

“With a fund recommended by donors, you can only donate [an existing] Soup kitchen.”

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Mega Hundreds of thousands jackpot soars to $850 million. How one can deal with a windfall

Mega Millions jackpot soars to $850 million. How to handle a windfall

Angela Weiss | AFP | Getty Images

Once again the Mega Millions jackpot has catapulted higher.

The grand prize now stands at a staggering $ 850 million – the third largest in lottery history – after no ticket matched all of the numbers drawn on Friday night. Then there is Powerball: the jackpot is estimated at $ 640 million for the Saturday night drawing.

Of course, the odds of winning either game aren’t in your favor: the chance that a single ticket will match all six numbers is 1 in 302 million for Mega Millions and 1 in 292 million for Powerball.

Even so, it is still worth thinking about how you would deal with such a stroke of luck if you passed the odds.

Jackpot winners are typically given six months to a year to claim their prize, depending on which state it was purchased in. This generally means there is no need to rush to the lottery headquarters.

In other words, the winners should take a deep breath.

Big money means big emotions

Whoever cracks one of the jackpots at the end should be prepared for a roller coaster ride of emotions.

Experts say the extent of their windfall can level off once the initial excitement of winning the jackpot subsides.

“Anyone experiencing newly created wealth … there is a sense of confusion and a sense of being overwhelmed,” said Valerie Galinskaya, executive director and director of the Merrill Center for Family Wealth.

Of course, you don’t have to do it alone.

Given the size of these jackpots, winners should assemble a team of seasoned professionals – including a lawyer, CPA, and financial advisor – to help them tackle the windfall.

“You want to hire the right consultants who can provide not only good advice but also advice tailored to your needs and desires,” said Galinskaya.

Protect your ticket and your identity

You should make a copy of your ticket, keep it in a safe place, i.e. in a safe deposit box or deposit with a bank, and defy the urge to share your messages with everyone in your life.

“Don’t immediately discuss it with anyone other than your immediate and trusted family,” said certified financial planner Jim Shagawat, a New Jersey-based partner advisor at AdvicePeriod of Los Angeles.

Also, if possible, you should protect your identity when you claim the jackpot. While the standard recommendation is to sign the back of the ticket, if, under state law, you set up a trust or limited liability company to claim the windfall, rather than doing it on your own behalf, it can compromise anonymity .

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If your state laws require your name to be publicly known, then it pays to prepare how to respond when others bring up your roundtable, Galinskaya said.

“They say, ‘I’m really grateful and we’re still working on what it means to us,'” she said.

Prepare for the tax bill

For the $ 850 million Mega Millions jackpot, the cash option that most winners choose instead of an annuity is $ 628.2 million.

However, before that gets to you, 24% – or $ 150.8 million – will be withheld for federal taxes. You can also rest assured that you owe much more to Uncle Sam, as the maximum marginal rate of 37% applies to income over $ 523,600 for individual taxpayers and $ 628,300 for married couples filing together. As a rule, state taxes are also due.

Powerball’s $ 640 million jackpot has a flat-rate option of $ 478.7 million. The 24% withholding tax would be approximately $ 114.9 million. And again more would be due.

Think philanthropically

One way to lower your tax burden is to think in a nonprofit way. Basically, the government gives you a tax break if you use private money for public purposes.

“It’s not just about what you want to do for yourself and your family, it’s also philanthropic,” Galinskaya said.

You can donate up to 60% of your Adjusted Gross Income in cash to a nonprofit or a donor-recommended fund and receive a tax deduction for the amount in the year you donate. They can also set up a private foundation, donate their income, and then choose how to use it over time.

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Health

New York to show Citi Subject into ‘mega’ Covid vaccination web site: Mayor

New York to turn Citi Field into 'mega' Covid vaccination site: Mayor

Citi Field Ballpark, home of the New York Mets Major League Baseball team on September 7, 2019 in Flushing, Queens, New York City.

Tim Clayton | Corbis Sport | Getty Images

New York will turn Citi Field into a 24/7 mega coronavirus vaccination site by the end of January to vaccinate thousands of residents every day, Mayor Bill de Blasio announced on Tuesday.

NYC Health and Hospitals will operate the New York Mets site with the goal of taking between 5,000 and 7,000 admissions daily, de Blasio said in a joint announcement with Mets owner Steve Cohen.

The announcement comes a day after Los Angeles Mayor Eric Garcetti announced that his city will set up a vaccination site at Dodger Stadium by the end of this week. This facility can fire up to 12,000 shots a day, according to a statement from Garcetti’s office on Monday.

“This will help so many people get vaccinated,” de Blasio said during a press conference. “We welcome all New Yorkers. We even welcome Yankees fans. There is no discrimination.”

New York City Mayor has urged Governor Andrew Cuomo to increase the number of people who would be eligible for a coronavirus vaccine, beyond the priority healthcare workers. Cuomo granted the city’s request last week, saying that people age 75 and older, as well as key workers such as first responders, teachers, school staff and others across the state could be vaccinated against the disease starting this week.

A person wearing a protective mask stands in front of a vaccination center for Covid-19 in Bathgate Industrial Park in the Bronx, New York on Monday, January 11, 2021.

David Delgado | Bloomberg | Getty Images

As of Tuesday, the state will open Covid-19 vaccinations to all over 65s as well as to younger people with compromised immune systems, the Democratic governor said during a conversation with reporters on Tuesday morning.

However, it seems that so far the problem has not found a place for people to be vaccinated – it has ensured the supply of the doses. According to Cuomo, the newly expanded federal guidelines apply to about 7 million people, but the state only receives about 300,000 doses per week.

“I ask for your patience, as there are unfortunately far more eligible New Yorkers than vaccines from the federal government,” Cuomo said in a tweet on Tuesday.

De Blasio said the city had 26,000 vaccinations on Monday. At that rate, the city will run out of vaccines in less than two weeks, he said.

“We’re going to need the doses to keep this kind of effort going,” he said.

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Mega Hundreds of thousands jackpot leaps to $600 million. Right here’s the tax invoice

Mega Millions jackpot leaps to $600 million. Here’s the tax bill

Drew Angerer | Getty Images News | Getty Images

No, you did not hit the Mega Millions jackpot of $ 520 million.

The lottery game’s grand prize rose to a whopping $ 600 million for Tuesday night’s drawing after no ticket matched all six numbers drawn on Friday night. The amount marks the eighth largest jackpot in the history of the lottery. Powerball’s jackpot is an estimated $ 470 million for the Saturday night draw.

Of course, the amounts shown are not what the winners would end up with. Lottery officials must withhold 24% of large winnings for federal taxes. And that’s just the beginning of what you would pay Uncle Sam and usually state coffers.

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For the $ 600 million Mega Millions jackpot, the cash option that most winners choose instead of an annuity is $ 442.4 million. The 24% retention would save approximately $ 106.2 million before the price hits you.

However, you can be rest assured that you owe more to the IRS.

The highest marginal tax rate is 37%. If the winner’s taxable income were not reduced – such as B. large donations for charity – would be another 13% or 57.5 million at the tax time. USD to pay the IRS (this would be April 2022 for jackpots claimed in 2021).

That would be a total of $ 163.7 million that would go to the IRS.

There are also state taxes. Depending on where you live, this hit can be more than 8%.

The cash option for the $ 470 million Powerball jackpot is $ 362.7 million. If there is a winner, the 24% withholding tax would cut $ 87 million off the top. Another 13% would be $ 47.2 million, for the tax officer a total of $ 134.2 million.

Despite handing over a substantial amount to federal and state coffers, the post-tax amount would be life changing. Experts say jackpot winners should assemble a team of seasoned professionals – including a lawyer, tax advisor, and financial advisor – to help manage their sudden fortune.

Most gamers don’t need to worry, however. The chance of hitting the Mega Millions jackpot with a single ticket is tiny: 1 in 302 million. For Powerball, the odds are slightly better: 1 in 292 million.

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Mega Tens of millions jackpot jumps to $432 million. What to do in the event you win

Mega Millions jackpot jumps to $432 million. What to do if you win

mphillips007 | iStock unpublished | Getty Images

The Mega Millions jackpot has risen.

After no ticket matched all six numbers drawn on Friday, the grand prize is now $ 432 million for the next Tuesday night drawing. Powerball’s jackpot is $ 384 million for the Saturday night draw.

While the chance that a single ticket will match all six numbers in both games is tiny – 1 in 302 million for Mega Millions and 1 in 292 million for Powerball – it is still worth pondering how to deal with such a godsend would if you beat the odds of winning.

The after-tax amount would change your life. Experts say big lottery winners should assemble a team of seasoned professionals – a lawyer, tax advisor, and financial advisor – to handle the windfall.

Here are some things winners should consider before going to the lottery headquarters to receive their prize.

Who can i tell

The general advice is to tell as few people as possible about it. Due to the predilection of scammers and strangers to track down lottery winners, it’s best to keep the exciting news close by.

Depending on what state you are in, you may be able to protect your identity from the public.

Only a handful allow the winners to remain completely anonymous. In other cases, you may be able to claim the award through a trust or limited liability company or LLC that does not have your name on it. However, you need to plan for this.

You should really never take the money on your own behalf if you can.

Kurt Panouses

Founder of the Panouses Law Group

“If possible, never take the money on your own behalf,” said Kurt Panouses, founder of Panouses Law Group in Indialantic, Florida and an expert in helping lottery winners.

Lump sum or pension?

You can choose whether you want to receive your winnings as a lump sum or as a pension over three decades. Either way, the money will be taxed when you receive it.

Right now, federal income taxes are historically low – and it’s impossible to know where they could be in years. This means that from a tax perspective, it could cost more to withdraw the pension, as future tax rates will rise rather than fall, experts say.

“So the question is, do you want to pay all this income tax this year or keep the money going for many years without knowing where we might be income tax in 10 or 15 years,” Panouses said.

What is the tax rate?

Before the gust of wind hits you, 24% is withheld for federal taxes. However, since the top marginal rate is 37%, you can be confident that you owe more at tax time – that would be April 2022 for prices claimed in 2021.

The flat-rate option for the 432 million Mega Millions jackpot is $ 329.7 million. The 24% withhold would mean $ 79.1 million go to Uncle Sam and you would receive $ 250.6 million.

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Suppose you didn’t have a reduction in your taxable income – such as For example, a large charitable donation would have an additional 13%, or approximately $ 42.8 million, due at tax time. That would be a total of $ 121.9 million going to the IRS.

The $ 384 million cash option for the Powerball jackpot draw on Saturday night is $ 295.4 million. The 24% withholding tax would reduce this by $ 70.9 million with an additional 13% or $ 38.4 million due at tax time. In total, that would be $ 109.3 million for federal coffers.

And then there are state taxes. They range from zero to more than 8%, depending on where the ticket was purchased and where the winner lives. In other words, you could end up paying more than 45% tax.

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defend your privateness in case you win Mega Tens of millions or Powerball

How to protect your privacy if you win Mega Millions or Powerball

MARK RALSTON | AFP | Getty Images

There is a chance that at least a few people in 2020 will be far richer than most of us.

With no ticket matching all six numbers drawn in Mega Millions on Tuesday, the jackpot for the Friday night drawing rose to $ 401 million. Powerball’s grand prize is not far behind at $ 363 million for the Wednesday night draw.

If you’re lucky enough to be the next big winner, experts say that part of protecting your windfall is protecting your identity when you can.

“Four hundred million dollars would attract a lot [attention]”said Attorney Kurt Panouses, founder of the Panouses Law Group in Indialantic, Florida and an expert in helping lottery winners.

Keeping your win calm will protect you from strangers and scammers who want a part of the prize.

However, states don’t always make data protection easy: only a handful allow winners to remain completely anonymous. In other cases, you may be able to claim the award through a trust or limited liability company or LLC that does not have your name on it. However, you need to plan for this.

Here are tips for big lottery winners trying to protect their privacy.

Handling your ticket

The standard advice is to sign the back of your ticket. However, if you find yourself in a state where a trust or LLC can claim the prize, hold back with this signature if privacy is important to you.

“Of course you want to protect the ticket, but whatever name is on the back of the ticket is identified as the payee,” said Panouses. “The back of the ticket is important for data protection reasons.”

In most states, he said, if you use an LLC or trust to claim the money, you can bypass disclosing your name.

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Panousas said he has also created trusts whose beneficiaries are sub-trusts instead of the winners. This adds an extra layer of data protection.

stay calm

While you might want to share your exciting news, experts say the fewer people know, the better.

“Keep the circle of people who don’t know or tell anyone about it,” said Panouses.

For example, if you are claiming the profit in conjunction with other family members, i.e. through a trust or LLC as a joint prize, then all parties involved should sign non-disclosure agreements, Panouses said.

Money management

In addition to choosing experienced professionals to help you tackle the windfall, it may also be wise to avoid the professionals in your hometown if you are concerned about the news that your profits will be lost.

“Someone in this office might say, ‘Oh, this is the lottery winner,'” Panouses said. He relies on a large investment and trust company that has a proven record of serving wealthy households.

“If I open accounts with them, I know the information won’t be made public,” said Panouses.

Plan an escape

Skipping town a bit after claiming your prize is probably a good idea.

“We make sure the winners have a plan to go somewhere for a week or so after they claim,” Panouses said. “When people find out you won, they may show up at your home.”

It’s also worth changing the cell phone number, he said. If you have a landline, this should also be changed.

You may also want to close your social media accounts if you cannot remain anonymous.

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How Mega Hundreds of thousands and Powerball winners can shield their windfall

How Mega Millions and Powerball winners can protect their windfall

Frederic J. Brown | AFP | Getty Images

Mega Millions players can continue daydreaming.

With no one getting all six numbers drawn on Friday, the jackpot has risen to an estimated $ 376 million. And Powerball, with the next draw for Saturday night, is $ 341 million.

Obviously, due to taxes, these advertised amounts are not what you would end up with if you managed to beat the astronomical odds of winning a single ticket (1 in 302 million for Mega Millions and 1 in 292 million for Powerball).

Even so, the sudden gust of wind in your life would likely feel overwhelming, experts say. And while you might be keen to claim your winnings, experts say it’s best not to rush to lottery headquarters on the day you discover your luck.

In other words, take a deep breath.

“The first thing I would recommend is building a team of professionals to handle the many aspects of investing money,” said certified financial planner Doug Boneparth, president of Bone Fide Wealth in New York.

This team should include an accountant, a financial advisor, and a lawyer. Here are some other considerations when hitting the jackpot.

Annuity or lump sum?

You can choose to take your winnings either as a lump sum or as a 30 year pension. The Mega Millions jackpot of $ 376 million has a cash option of $ 287.4 million. For the $ 341 Powerball prize, that amount is $ 262.5 million.

Experts usually recommend getting the money all at once – which is what most winners do.

“The flat rate distribution would be the preference,” said Boneparth. “When you do that, you have more control over the money.”

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However, he added a caveat.

“If you are not disciplined or are afraid of how to invest with support, retirement may be a better option,” said Boneparth.

The tax hit

Before the money reaches you, 24% is withheld for federal taxes. For Mega Millions’ $ 287.4 million cash option, that would mean $ 69 million off the top and you get $ 218.4 million. For the Powerball flat fee of $ 262.5 million, withholding tax would be $ 63 million, leaving $ 199.5 million.

But that’s not all. The highest marginal rate of 37% applies to income above $ 518,400 for individual taxpayers ($ 622,050 for married couples filing together), which means much more would be due at tax time. And state taxes can be withheld or due.

“If you factor in city, state, and town taxes in some places, you might look into this [close to] 50% goes to taxes, “said Boneparth.

There may be strategies in place to reduce your tax payments. That is why it is important to have a tax advisor on your team.

Other things

If you can’t claim your prize anonymously – it depends on the state – you can skip town for a while. Unwanted attention can come from both the public and the extended family.

“Your fifth uncle, once removed, could reach you,” said Boneparth. “Find a comfortable place and go away.”

If you want to share some of the money with family or friends, plan for these gifts in advance, said Boneparth.

“You want to avoid getting hit repeatedly,” he said. “You can set expectations in advance. Then planning really comes into play.”